Holding of Rostec State Corporation specializing in development and production of heavy machining equipment and tools for industry plans to take up to 50% of the industry market in Russia by 2030.

The holding will incorporate Rostec's existing machine tool assets - Stankoprom and its subsidiaries, NITI Progress, BelZAN, Stan - as well as a number of other companies producing machine tools, whose activities are currently fragmented.

"Consolidation of enterprises into a single structure will allow to optimize production processes, focus on the development of high-tech products, development of new technologies in machine tool construction and metal processing," the state corporation said in a statement.

The new production holding company will be headed by Kirill Fedorov, who until now has been CEO of RT-Capital, the company responsible for the development of machine tool assets. He will also continue to serve as a member of RT-Capital's board of directors.

"Now that the supply of industrial equipment from abroad is limited, the development of Rostec's own machine tool assets is among Rostec's top-5 priorities, which are critical for the country. We expect that in future the holding will be able to occupy up to 50% of the Russian market of industrial machine tools, including in the high-precision equipment segments," said Sergey Chemezov, CEO of the corporation.

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